S15 E61: Polto & Darko on Self Custody Pro Tips

Time stamps: Introducing Polto & Darko (00:00:50) Top Hardware Wallets (00:01:33) Trade-offs in Multi-Signature Wallets (00:02:06) Importance of Secure Elements (00:03:25) Passphrase Usage and Security (00:04:37) Confusion Around Passphrases (00:06:06) Backing Up Passphrases (00:07:14) BIP 39 and Passphrase Features (00:08:02) Derivation of Wallet Addresses (00:09:39) Standardization of HD Wallets (00:10:01) Best Practices for Backups (00:11:19) Verifying Recovery Procedures (00:12:06) User Experiences with Backups (00:12:57) Full Node Users (00:15:31) Historical Context of Hardware Wallets (00:17:15) Trade-offs in Hardware Wallet Design (00:18:15) Open Source Developments (00:20:35) Secure Elements and Verification Concerns (00:22:43) Understanding Secure Elements in Wallets (00:22:48) Ledger Wallet Features (00:24:08) Using Seed Signer with Satochip Smart Cards (00:24:41) Open Source Secure Element Development (00:25:53) Challenges in Hardware Wallet Evolution (00:26:38) Miniscript Support in Hardware Wallets (00:27:30) Complexity of Multi-Signature Setups (00:28:45) Standardization in Multi-Sig Wallets (00:29:46) Experimental Nature of Taproot Mini Script (00:30:45) Using Phones as Signing Devices (00:32:12) Security of Bitcoin-Only Wallets (00:34:38) Attack Surfaces in Multi-Coin Wallets (00:35:06) Specter DIY vs Other DIY Wallets (00:39:10) Entropy Modification in Seed Generation (00:40:04) Trust Assumptions in Proprietary Devices (00:42:30) Limitations of the Passport Wallet (00:43:50) Introduction to Specter DIY Wallet (00:46:14) Pricing of Specter DIY (00:46:43) Development of Secure Element Boards (00:47:02) Client Consultation for Bitcoin Security (00:48:03) Multi-Signature Wallet Recommendations (00:48:30) Considerations for Children Inheriting Bitcoin (00:50:21) Using Liana for Bitcoin Management (00:51:00) Risks of Pre-Signed Transactions (00:52:43) Adapting to the Bitcoin Network (00:53:00) ETF vs. Self-Custody (00:53:25) Role of Co-Signers in Multi-Signature Wallets (00:53:58) Future of Bitcoin and Exciting Innovations (00:57:59) Concerns About Drivechains (00:58:45) Consensus Mechanisms in Bitcoin (01:00:33) User Activated Soft Forks (01:02:42) Key Rotation in Multi-Signature Wallets (01:06:00) Emerging Solutions in Multi-Signature Technology (01:06:41) SLIP39 and Shamir Secret Sharing (01:08:05) Shamir Secret Sharing Implementation (01:09:16) Multi-Sig vs. Shamir (01:10:44) Importance of Multi-Sig (01:12:01) 3-2-1 Backup Strategy (01:13:20) Tamper Evident Storage (01:14:15) Annual Backup Verification (01:15:24) Using Passphrases with Multi-Sig (01:16:14) Backup Complexity Risks (01:17:12) Traveling with Backups (01:19:43) Customs and Crypto Assets (01:22:08) Workshops on Multi-Sig (01:25:14) Node Importance in Bitcoin (01:25:53) Hardware Wallet Recommendations (01:26:51) Blockstream Green Discussion (01:29:07) Trusted Co-Signers Network (01:31:27) Legal Restrictions in Switzerland (01:31:37) Contacting FINMA (01:32:08) Frustrations with Regulatory Definitions (01:32:50) Backup Principles (01:33:49) Closing Remarks (01:34:12) Recaping the Best Practices for Bitcoin Storage (01:34:26)